The approval of the holders of outstanding refunding bonds affected by the modification shall be evidenced by either of the following:
(a) The written consent of all of the owners and holders of the bonds.
(b) An order under federal bankruptcy law that is binding upon the holders and owners of all of the outstanding refunding bonds affected.
(Amended by Stats. 2002, Ch. 94, Sec. 8. Effective January 1, 2003.)